Best Practices for Managing Bank Accounts & Credit Notes

Overview
Guidelines to streamline your reconciliation, refunds, and credit management.

Steps & Tips

1. Reconcile Weekly: Export bank balances and match against transactions.

2. Archive Inactive Accounts: Mark closed accounts inactive rather than delete.

3. Document Credits: Always attach memos or receipts when issuing credit notes.

4. Uniform Prefixes: Standardize prefixes across documents (INV, CN, EST).

5. Regular Audits: Monthly review of unused credit notes to prevent revenue leakage.

Troubleshooting / FAQs

• Q: I can’t reconcile because balances differ.

  • A: Check for unposted credit notes or pending bank transactions.

• Q: Credit note applied but invoice still shows open.

  • A: Refresh the invoice page or clear browser cache; status will update.